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* For each and every loan that was not properly conveyed into the MBS trusts and cannot be proved to have been properly conveyed, the purchasers of such MBS have every right to sue the banks that created these MBS for fraud. They received a representation and warranty that the deeds and notes were taken in good recordable form. They were not. This is fraud - period - which entitles them to force the bank involved to either fix the problem (if it can) or buy back the MBS at par. They should immediately do so.

* For each and every loan that was not properly conveyed into the trust the net effect is that the mortgage (deed) and note have been split. This is a permanent deficiency. The buyer of the home therefore has title and he paid with an unsecured loan.

GMAC Mortgage Now Blames Eviction Halt On "Technical Defect", Says It Meant No "Disrespect" To US Judicial System

No, alleged theft and unprecedented crime at never before seen levels, certainly mean no disrespected to the US judicial process. After all, who has any respect for that institution anyway? Let's not forget that in two months the SCOTUS will side with the Federal Reserve in the Pittman case, thereby eliminating any threat that someone who misappropriates hundreds of billions of "other people's money" based on a "technical defect" will ever have any (dis)respect for American laws. Also, let's not forget that the earlier finding of Court Fraud was targeted at JPM/WaMu, we are not sure why GMAC is suddenly so defensive.

There is some optimism on the home from. The Post Dispatch just did an article on Payne Family Homes of St. Louis, where we bought our home. It's a great article! You should check it out: http://www.paynefamilyhomes.com/blog/payne-family-homes-expands-during-slump%e2%80%9d/

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About the authors

PAUL OWERS is a West Palm Beach native who graduated from the University of Central Florida in 1989. He covers the housing market for the Sun Sentinel after spending seven years on the real estate beat for that daily paper just up the road. He has impeccable timing, arriving at the Sun Sentinel on the very day that Hurricane Wilma pummeled South Florida. The real wrath came in early 2006, from readers, when he wrote that the five-year housing boom was over. They argued, cursed and complained before grudgingly admitting he was right.Follow @paulowers